Chelsea’s sale to a consortium led by American investor Todd Boehly was completed Monday.

The deal for Boehly and Clearlake Capital Group to buy the Premier League club was worth £4.25 billion ($5.3 billion), according to BBC Sport. The amount is a record for a sports franchise.

“We are honored to become the new custodians of Chelsea Football Club,” said Boehly. “We’re all in – 100% – every minute of every match.

“Our vision as owners is clear: we want to make the fans proud. Along with our commitment to developing the youth squad and acquiring the best talent, our plan of action is to invest in the club for the long term and build on Chelsea’s remarkable history of success.”

Chelsea were put up for sale March 2 before outgoing owner Roman Abramovich faced sanctions over his ties to Russian President Vladimir Putin. Due to the restrictions the U.K. government placed on Abramovich, proceeds from the takeover will be used to support humanitarian efforts in Ukraine.

A spokesperson for the British government welcomed Chelsea’s change of ownership and described Abramovich as “an individual who has enabled Putin’s brutal and barbaric invasion of Ukraine,” The New York Times’ Tariq Panja reports.

The board of directors said there were more than 250 inquiries from potential purchasers after the club was listed, leading to detailed discussions with over 100 individuals and entities. The interest was eventually whittled down to “12 credible bids, resulting in four and then three final bidders.”

The winning consortium also includes Hansjorg Wyss, founder of the Wyss Foundation, and Mark Walter. The latter co-owns the Los Angeles Dodgers, the Los Angeles Lakers, and the Los Angeles Sparks with Boehly.

Following an unsettled period at Chelsea, the board gave thanks to “our men and women footballers, the staff of both teams, everyone in our academy, and in particular (head coaches) Thomas Tuchel and Emma Hayes for their patience and support during this process.”

The men’s team finished the 2021-22 campaign third in the Premier League table, was eliminated from the Champions League at the quarterfinal stage, and was a beaten finalist in the FA Cup and League Cup.

The women’s team won a domestic double through its successes in the Women’s Super League and FA Cup and was a runner-up in the League Cup. Hayes’ outfit bowed out of the Champions League at the group stage after losing to Barcelona in the final of the previous campaign.